Twitter CEO Jack Dorsey announced immediate resignation!

Jack Dorsey will step down as head of the social media platform Twitter he co-founded a decade and a half ago.

Former Twitter CEO Jack Dorsey (Photo from NBC News)

Dorsey thinks that this is the right time to leave his post

Board member and former Chief Technology Officer Parag Agrawal has been appointed CEO effective immediately. Meanwhile, the company said that Dorsey will remain a member of the board until his term expires at the stockholders' meeting next year. He released a statement on Twitter,

I've decided to leave Twitter because I believe the company is ready to move on from its founders. "My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead.

The former CEO of Twitter added that if a company founder stays in a position for too long, there are possible risks. He believes that there's a lot of talk about the importance of a company being led by its founder. 

However, Dorsey also thinks that it's severely limiting. He said that there are only a few founders who choose the company over their own ego. 

Allegedly, Jack Dorsey is still the CEO of Square, a digital payments firm. He is the only person to be the CEO of 2 public companies with market valuations of greater than USD 5 billion.

In his statement, there was no mention from Dorsey about the Square or investor pressure that he had to pick one of his posts. He just said that it was his own decision to step down. It was a tough decision for him since he love his company.

Parag Agrawal is a 10-year employee with one of the highest positions on Twitter. With him being the newly appointed head of Twitter, he promised to follow through on the company's big plans. He added,

We recently updated our strategy to hit ambitious goals, and I believe that strategy to be bold and right. But our critical challenge is how we work to execute against it and deliver results — that's how we'll make Twitter the best it can be for our customers, shareholders, and for each of you.

The company shares initially rose sharply after news of Dorsey's stepdown spread, but they declined afterward, 2.7 percent lower.

What do you think?

Source: NBC News